Global Testing and Analysis Services Market to Reach US$29.1 bn by 2023 owing to Growing Trend of Outsourcing
Testing and analysis services are an integral part of various industries as they have the potential to save money and time by performing important analysis throughout the product development cycle. Testing and analysis services help various industries improve customer satisfaction by delivering quality products. Over the past few years, there has been an increase in the number of testing laboratories. The primary objective of testing and analysis service companies is to make sure that all products reach their highest quality before entering the market.
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New Food Testing Centers to Propel Global Testing and Analysis Services Market
With new testing and analysis centers being introduced by the leading players as well as new entrants, the global testing and analysis services market is predicted to expand at a rapid pace during the forecast period. Recently, Eurofins inaugurated its new food testing center to be a part of the Food Authenticity Network in the U.K. Eurofins Food Testing U.K. uses stable isotope techniques and DNA analysis to determine the geographical origin and authenticity of food and feed commodities including dairy products, meat, fruit, wine, honey, and vegetables.
The Food Authenticity Network deals with food mislabeling and fraud and also gives easy access to users to professional laboratories that provide food testing and analysis services. Eurofins Food Testing U.K. recently joined Campden BRI, the Institute of Food Research, Fera Science, West Yorkshire Analytical Services, Leatherhead Food Research, LGC, and Premier Analytical Services under the proficiency tab of the U.K. Centers of Expertise in food authenticity testing.
The increasing number of testing and analysis service centers across the globe is expected to contribute to the growth of the global testing and analysis services market in the next few years. The global testing and analysis services market was valued at US$17.9 bn in 2014 and is expected to reach US$29.1 bn by 2023, progressing at a 5.60% CAGR during the period between 2015 and 2023.
North America to Register Maximum Demand for Testing and Analysis Services
The global testing and analysis services market is segmented on the basis of sample type, analysis type, industry, and geography. Food and beverages, pharma and medical devices, minerals, chemicals, environment and agriculture, metal and alloys, and oil and gas are some of the industries where testing and analysis services are effectively used. In 2014, in terms of revenue, the food and beverage segment dominated the global testing and analysis services market.
Based on geography, the global testing and analysis services market is divided into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa, and Rest of the World. In 2014, in terms of value, North America led the global testing and analysis services market, followed by Europe. Bureau Veritas, Intertek Group plc, Eurofins, TÜV Rheinland, Maxxam, TÜV SÜD, LECO Corporation, SGS S.A., ALS Global, Exova, Acuren, Koninklijke Philips N.V., and Applus are some of the leading companies in the global testing and analysis services market. The global testing and analysis services market is expected to be highly competitive in the years to come due to the introduction of new testing and analysis services by the new entrants.
By analysis type, the global testing and analysis services market is classified into elemental, organic, isotopic, particle size, mineralogical, metallurgical, petroleum, biomedical, and others. In 2014, the elemental testing and analysis services segment dominated the global testing and analysis services market. Around 44% of SMEs/businesses outsource elemental testing and analysis services to analytical testing companies.
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Based on sample type, the global testing and analysis services market is classified into water, soil or sediment, clay mineral, metal alloy, biological sample, food, chemicals, corrosion, oil and gas, mineral, and service.